PrimeEnergy DEF 14A 2011
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )
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NOTICE OF ANNUAL MEETING OF STOCKHOLDERS OF
TO BE HELD
May 25, 2011
Notice is hereby given that the Annual Meeting of Stockholders of PrimeEnergy Corporation (the Company) will be held on Wednesday, May 25, 2011, at 9:00 a.m., EDT, at the offices of the Company, One Landmark Square, 11th Floor, Stamford, CT 06901, for the following purposes:
1. To elect a Board of Directors of seven (7) persons as nominated in the accompanying Proxy Statement, such Directors to hold office until the next annual meeting of stockholders and until their successors are elected; and
2. To transact such other procedural business as may properly be brought before the Meeting or at any adjournment or adjournments thereof.
The Meeting may be adjourned from time to time without other notice than by announcement at the Meeting, or at any adjournment thereof, and any and all business for which the Meeting is hereby noticed may be transacted at any such adjournment.
The Board of Directors has fixed April 7, 2011, as the date for the taking of a record of the stockholders entitled to notice of and to vote at the Meeting and at any adjournment or adjournments thereof. The stock transfer books will not be closed.
Enclosed is a form of proxy solicited by the Board of Directors of the Company. Stockholders who do not plan to attend the Meeting in person are requested to date, sign and return the enclosed proxy in the enclosed envelope, to which no postage need be affixed if mailed in the United States. Your proxy may be revoked at any time before it is exercised and will not be used if you attend the Meeting and prefer to vote in person.
Important Notice Regarding Internet Availability of
Proxy Materials for the Annual Meeting of Stockholders
to be Held on May 25, 2011
The proxy material for this Annual Meeting and the Companys 2010 Annual Report
to Stockholders are available at www.RRDEZProxy.com/2011/PrimeEnergyCorporation
TABLE OF CONTENTS
One Landmark Square
Stamford, Connecticut 06901
Solicitation by the Board of Directors of Proxies from
Stockholders for Annual Meeting of Stockholders
May 25, 2011
The Board of Directors of PrimeEnergy Corporation, a Delaware corporation, (hereinafter called the Company) solicits your proxy in the enclosed form which, if you do not plan to attend the Annual Meeting of Stockholders of the Company on Wednesday, May 25, 2011, you are requested to fill out, sign as indicated and return to the Company in the enclosed self-addressed envelope, which requires no postage if mailed in the United States. Any proxy given pursuant to this solicitation may be revoked by the person giving it at any time before it is exercised by notice in person or in writing to the Company. The approximate date on which the proxy statement and form of proxy will be sent to security holders is April 20, 2010.
Proxies are being solicited by mail and all expenses of solicitation have been or will be borne by the Company. In addition, arrangements may be made with brokerage houses and other custodians, nominees and fiduciaries to send proxies and proxy material to their principals, and the Company will reimburse them for their expenses in so doing.
Only stockholders of record at the close of business on April 7, 2011, are entitled to vote at the 2011 Annual Meeting. At that date, the Company had outstanding and entitled to vote 2,759,555 shares of Common Stock, each share entitling the record holder thereof to one vote.
Matters to be Presented
The only matter to be presented at this Annual Meeting is the election of seven (7) Directors named below. Please see Election of Directors at page 3.
All shares of the Company represented by proxies received in time and in proper form and condition and not revoked will be voted as specified in the proxy; or in the absence of specific direction, the proxy will be voted by the person designated therein:
FOR the election as Directors of the Company of the seven (7) nominees named below, to hold office until the next annual meeting of stockholders and until their respective successors shall be duly elected. In the event any of the nominees should become unable to serve as a Director, the proxies will be voted in accordance with the best judgment of the person acting under it.
The election of Directors will require the affirmative votes of a plurality of the shares of the Common Stock voting in person or by proxy at the Annual Meeting. The Companys transfer agent will tabulate all votes which are received prior to the date of the Annual Meeting. The Company will appoint two inspectors of election, who may be officers or employees, to receive the transfer agents tabulation, to tabulate all other votes, and to certify the results of the elections. Abstentions and broker non-votes are each included in the determination of the number of shares present and voting (i.e., for quorum purposes), but shall not be counted for the purposes of the election of Directors.
The management knows of no matter to be submitted to the 2011 Annual Meeting with respect to which the stockholders are entitled to vote other than the election of Directors, but if procedural matters do properly come before the Meeting, the persons named in the proxy will vote according to their best judgment.
BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth the number and percentage of shares of the Common Stock of the Company owned beneficially by any person, including any group as that term is defined in Section 12d(3) of the Securities Exchange Act of 1934, known to the Company to be the beneficial owner of five percent (5%) or more of the Common Stock, as of April 7, 2011. Information as to beneficial ownership is based upon statements furnished to the Company by such persons. Except as indicated, all shares are held directly, with full voting and dispositive powers, and percentages are calculated on the basis of the shares issued and outstanding, and with respect to those named persons holding options presently exercisable or within 60 days of April 7, 2011, includes the number of shares to be issued upon exercise of such options.
The following table sets forth information at April 7, 2011, with respect to the shares of the Companys Common Stock beneficially owned by the Companys Directors and nominees and by all Directors and officers of the Company as a group:
Directors and Nominees
There will be submitted by the management to the 2011 Annual Meeting for election as Directors, the seven (7) nominees whose names, together with certain information concerning them, are set out below. In the event any of the nominees shall become unable to serve as a Director, the proxy will be voted in accordance with the best judgment of the person acting under it; however, no circumstances are at present known which would render any nominee unavailable.
All of the above-named nominees are currently Directors of the Company, and each has served continuously as a Director since the date indicated. There is no family relationship between any nominee for Director or executive officer of the Company.
The Company believes that the members of our Board of Directors, and nominees, and our management, have individual skills and experiences, whether in financial matters, business operations and relationships, or in oil and gas operations, to provide the Company with the knowledge and ability necessary for our business and operations. Five of the Companys seven Directors may be deemed to be independent, within the meaning of applicable regulatory standards, each of them has served as such for over fifteen years and they have a close relationship to each other. These Directors have determined that it is not necessary to appoint a lead independent director.
The Board of Directors met four times in 2010. All of the incumbent Directors attended all meetings of the Board of Directors, except Mr. Eckenstein who was unable to attend one meeting. Directors are reimbursed for travel and related expenses in connection with attendance at Board and Committee meetings. Directors are encouraged to attend the Companys annual meeting of stockholders. Six of the seven incumbent Directors attended the Companys 2010 annual meeting of stockholders.
Your Board of Directors recommends a vote FOR each of the above nominees for election as a Director.
Committees of the Board of Directors
The Board of Directors has an Executive Committee, an Audit Committee and a Compensation Committee, but no other standing committees. All Committee members attended all meetings of their respective Committees, except Mr. Eckenstein, who was unable to attend the meeting of the Audit Committee.
The Executive Committee, composed of Messrs. Drimal, Jr., Hurt, Smeets and Ms. Cummings, is authorized to exercise all the authority of the Board in the business and affairs of the Company, except as limited by applicable law. The Executive Committee met six times during 2010, and informally, by telephone or office conference on a regular basis, usually weekly, during the year.
The Audit Committee, composed of Messrs. Eckenstein, Hurt and Smeets, met once in 2010. The Board of Directors has determined that each member satisfies applicable requirements for independence and financial literacy. The Board of Directors has determined that Mr. Smeets meets the qualifications of an audit committee financial expert as defined by the Securities and Exchange Commission. The Committee selects and engages independent auditors to audit the books, records and accounts of the Company, determines the scope of such audits, and reviews the financial policies and control procedures of the Company. The report of the Audit Committee is included in this Proxy Statement on page 8. The Board of Directors and the Audit Committee have adopted a written charter for the Audit Committee, a copy of which is attached as Annex A to this Proxy Statement.
The Compensation Committee, composed of Messrs. Hurt, Gimbel and Smeets, met once in 2010. The Committee evaluates the Companys compensation policies and establishes salaries, bonuses and other compensation for the Companys executive officers. The Board of Directors believes that the Compensation Committee members satisfy applicable regulatory requirements for independence. The Compensation Committee has not engaged any outside compensation consultants to assist the Committee in determining the compensation policies of the Company, and no such outside consultants have been engaged by the Company or the Board of Directors. The report of the Compensation Committee is included in this Proxy Statement on page 7. The Board of Directors and the Compensation Committee have adopted a written charter, a copy of which is attached as Annex B to this Proxy Statement.
The Company does not have a standing nominating committee. The Board of Directors of the Company acts as the nominating committee, Mr. Drimal and Ms. Cummings abstaining, in the review and selection of Directors for election at the annual meeting of the Companys stockholders. The remaining Directors of the Company, Messrs. Eckenstein, Fong, Gimbel, Hurt and Smeets function as a nominating committee, and are believed to satisfy applicable regulatory requirements for independence. The Board of Directors believes that this procedure is adequate in the process of selecting persons for elections as Directors of the Company. The seven Directors of the Company currently serving as Directors were designated as nominees for re-election at the 2011 Annual Meeting of Stockholders. No other nominees were considered and no nominations were proposed by any stockholder or group. The Board of Directors will consider meritorious director candidates submitted to it by stockholders of the Company, without regard to race, religion, gender, national origin or disability. The Board does not have a formal policy with regard to considering diversity in its consideration of director nominations. Candidates for election must be willing to devote the time necessary to serve as a director and must possess the level of education, experience, and expertise, both with respect to financial matters and the oil and gas industry in general, required to perform the duties of a member of the board of directors of a public company, and in particular of the Company. Submission must be accompanied by biographical material of the proposed candidate and such other information as would be required to be included in a proxy statement filed pursuant to the proxy rules of the Securities and Exchange Commission. Submissions should be forwarded to the Secretary of the Company at One Landmark Square, Stamford, Connecticut 06901, in compliance with the procedures described under Stockholders Proposals set out below.
The principal occupation and employment for the past five years of each of the Directors and nominees for Director and of each of the executive officers of the Company is as follows:
Ms. Cummings is a Certified Public Accountant and holds a Bachelor of Science degree from the State University of New York and a Master of Business Administration from Rutgers University. She was elected Vice President, Finance and Treasurer of the Company in October, 1987, and Executive Vice President and Treasurer in May, 1991, and serves as the Principal Financial Officer of the Company. Ms. Cummings holds similar positions with the Companys subsidiaries. She has served as a Director of the Company since February, 1988.
Mr. Charles E. Drimal, Jr. has served as a Director and President and Chief Executive Officer of the Company since October, 1987, and holds the position of Chairman of the Board. He also holds similar positions with the Companys subsidiaries. Mr. Drimal is a graduate of the University of Maryland and Samford University School of Law and is a member of the New York State Bar.
Mr. Eckenstein is a Swiss citizen and a resident of Switzerland. He studied law and architecture in Basel, Switzerland, and at the University of Geneva and the Ecole des Beaux Arts, Paris, France. He is a director and principal in several privately held companies providing financial consulting services in construction, hotel management and architectural matters. He was elected a Director of the Company in August, 1989.
Mr. Fong is president of Gifford Fong Associates, investment technology consultants, Lafayette, California. He holds a Bachelor of Science, a Master of Business Administration and law degrees from the University of California. He is the editor of The Journal of Investment Management and is the author and contributor of numerous trade journal publications. Mr. Fong was elected a Director of the Company in May, 1994.
Mr. Gimbel is the Executive Managing Director of Optima Fund Management LLC, New York, prior to which he was Managing Director, Business and Product Development of that firm since July, 2004. Prior to that date, and from February, 1999, he was the Managing Director of Hedge Fund Investments at Credit Suisse Asset Management, New York. Mr. Gimbel holds a Bachelor of Arts degree in economics from Bowdoin College and a Master of Business Administration from Columbia University Graduate School of Business. He was elected a Director of the Company in March, 1989.
Mr. Hurt is president of Clint Hurt & Associates, Inc., a private oil and gas exploration company located in Midland, Texas. He is past president of the Independent Oil & Gas Association of West Virginia and is a former director of Chase Bank of Texas, Midland, Texas. He was elected a Director of the Company in February, 1988.
Mr. Smeets, a citizen of the Netherlands and a resident of the United States, is a private investor in Larchmont, New York. He was elected as a Director of the Company in February, 1988. He is a graduate of M.I.T. and holds a Master of Business Administration from Stanford Business School.
Ms. Pizor has served as Controller of the Company since January, 1986, and Principal Accounting Officer of the Company since September, 2008. She also holds similar positions with the Companys subsidiaries. She is a graduate of Wagner College with a Bachelor of Science degree in Economics and Business Administration and is a Certified Public Accountant.
Mr. Gilbert has been Secretary of the Company from March, 1973, and serves as secretary of the Companys subsidiaries. He is an attorney in Dallas, Texas.
The executive officers of the Company, together with certain information concerning them, are set out below.
Each of the above officers were elected by the Board of Directors to their respective offices in May, 2010, at the annual meeting of the Board. Each will hold their respective offices until his successor is elected by the Board. Mr. Drimal, as President and Chief Executive Officer, serves as the Chairman of the Board of Directors. The Company believes that the combination of chief executive officer and chairman is appropriate for the size and nature of the Company.
TRANSACTIONS WITH RELATED PERSONS
On April 3, 2008, Prime Offshore L.L.C, a subsidiary of the Company, entered into a Twenty Million Dollar ($20,000,000) subordinated debt facility with Artic Management Corporation, an entity controlled by Matthias Eckenstein, a Director and Director Nominee of the Company. Mr. Eckensteins ownership interest in the Company is set out on pages 2 and 3 of this Proxy Statement. The credit facility matures November 1, 2014, and bears an annual interest rate of ten percent (10%). As of the date of this Proxy Statement, $16,000,000 of the principal of the subordinated debt facility is outstanding. For the year ended December 31, 2010, $2,000,000 interest was paid.
Summary Compensation Table
The following table discloses compensation for the fiscal years ended December 31, 2010 and 2009, received by the Companys Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer(1)(2).
The Companys Directors each receive $500 for each Board of Directors meeting, but do not receive any fee for attending Committee meetings. The Directors are reimbursed for travel and related expenses in connection with attendance at Board and Committee meetings. All Directors as a group of seven received an aggregate of $14,000 as cash Directors fees for the fiscal year ended December 31, 2010. No reference is made for Stock Awards, Option Awards, Non-Equity Incentive Plan Compensation or Non-Qualified Deferred Compensation Earnings as the Company has no such Director awards or compensation.
COMPENSATION COMMITTEE REPORT
The Compensation Committee of the Board of Directors consists of Messrs. Gimbel, Hurt and Smeets, none of whom is an employee of the Company. The Company believes that each member of the Compensation Committee meets applicable regulatory independence requirements. The Compensation Committee makes all decisions concerning compensation of executive officers who receive salary and bonus in excess of $100,000 annually and determines the total amount of bonuses to be paid annually. The Compensation Committees policy is to offer executive officers competitive compensation packages that will permit the Company to attract and retain highly qualified individuals and to motivate and reward such individuals on the basis of the Companys performance.
The compensation of the Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer is largely dependent upon the overall performance of the Company. For the year ended December 31, 2011, the base salary of the Principal Executive Officer of the Company, Charles E. Drimal, Jr., is $371,315, the base salary of the Principal Financial Officer, Beverly A. Cummings, is $371,315, and the base salary of the Principal Accounting Officer of the Company, Lynne Pizor, is $185,698. Cash bonuses for the year ended December 31, 2010, were paid to Mr. Drimal, $1,000,000; to Ms. Cummings, $400,000; and to Ms. Pizor, $40,000.
This report of the Compensation Committee shall not be deemed incorporated by reference by any general statement incorporating by reference this Proxy Statement into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that the Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts.
Compensation Committee Interlocks and Insider Participation
During the fiscal year ended December 31, 2010, Messrs. Clint Hurt, Thomas S.T. Gimbel and Jan K. Smeets served as members of the Compensation Committee. None of such persons was, during the fiscal year, or was formerly, an officer or employee of the Company or any of its subsidiaries. There are no committee interlocks with other companies within the meaning of the Securities and Exchange Commissions rules.
OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END
There were no stock options granted by the Company to the named executive officers during the fiscal year ended December 31, 2010, no options were exercised by any of such persons and there were no stock awards to such persons. The following table sets forth information with respect to all unexercised options held by the named executive officers of the Company at December 31, 2010. All unexercised options are fully exercisable. There are no options which are not fully exercisable. References relating to options which are unexercisable, equity incentive plan awards, unearned options and stock awards are omitted in the table below.
Unexercised Options and Fiscal Year-End Option Values
AUDIT COMMITTEE REPORT
The Audit Committee oversees the Companys financial reporting process on behalf of the Board of Directors. Management has the primary responsibility for the financial statements and the reporting process including the systems of internal controls. In fulfilling its oversight responsibilities, the Audit Committee reviewed the audited financial statements in the Annual Report with management including a discussion of the quality, not just the acceptability, of the accounting principles, the reasonableness of significant judgments, and the clarity of disclosures in the financial statements.
The Audit Committee reviewed with the independent auditors, who are responsible for expressing an opinion on the conformity of those audited financial statements with generally accepted accounting principles, their judgments as to the quality, not just the acceptability, of the Companys accounting principles and such other matters as are required to be discussed with the Audit Committee under generally accepted auditing standards. These include, but are not limited to, those matters under Statements on Auditing Standards. In addition, the Audit Committee has discussed with the independent auditors the auditors independence from management and the Company including the matters in the written disclosures required by the Independence Standards Board. The Companys auditors do not perform financial information system design and implementation services, internal audit or tax services.
The Audit Committee discussed with the Companys independent auditors the overall scope and plans for their audits. The Audit Committee meets with the independent auditors, with and without management present, to discuss the results of their examinations, their evaluations of the Companys internal controls, and the overall quality of the Companys financial reporting.
In reliance on the reviews and discussions referred to above, the Audit Committee recommended to the Board of Directors (and the Board has approved) that the audited financial statements be included in the Annual Report on Form 10-K for the year ended December 31, 2010, for filing with the Securities and Exchange Commission. The Committee has also recommended the selection of the Companys independent auditors for 2011.
This report of the Audit Committee shall not be deemed incorporated by reference by any general statement incorporating by reference this Proxy Statement into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that the Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts.
CODE OF BUSINESS CONDUCT AND ETHICS
The Company is committed to observing sound, ethical principles in the conduct of its business and operations and by our officers and employees in the course of their duties. The Company has adopted a Code of Business Conduct and Ethics which is available at the Companys web-site, www.primeenergy.com. These provisions are applicable to the Companys operations and to its employees, including the Companys principal executive officer, principal financial officer, and principle accounting officer. Any amendments or waivers from the Code, to the extent applicable to the Companys principal executive officers, will be posted on the Companys web-site.
The Company believes that a majority of its Directors, and nominees, are independent, within the meaning of applicable regulatory standards.
The Companys risk management efforts are the responsibility of the Board of Directors. The Companys Chief Executive Officer and the Chief Financial Officer review with the Board areas of material risk, both operational and financial, which may affect the Company, to enable the Board to understand such risks and the management and mitigation strategies undertaken by the Company.
SECTION 16(a) BENEFICIAL OWNER COMPLIANCE
Section 16(a) of the Securities Exchange Act of 1934 requires the Companys executive officers and Directors, and persons who own more than ten percent of a registered class of the Companys equity securities, to file reports of ownership and changes in ownership of such securities with the Securities and Exchange Commission and to furnish the Company with copies of such reports. To the Companys knowledge, based solely on review of the copies of such reports furnished to the Company with respect to the fiscal year ended December 31, 2010, all required reports were timely filed by such persons.
INDEPENDENT PUBLIC ACCOUNTANTS FEES AND SERVICES
The Company engaged Pustorino, Puglisi & Co. LLP as the principal accountants for the Company with respect to the audit of the Companys financial statements for the years ended December 31, 2010 and 2009. There were no disagreements with Pustorino, Puglisi & Co., LLP on any matters of accounting principles or practices, financial statement disclosure or auditing scope or procedures in connection with their audits. Representatives of Pustorino, Puglisi & Co. LLP are not expected to be present at the 2011 Annual Meeting of Stockholders, but will be available by speaker telephone during the Meeting and will have the opportunity to make a statement if they desire to do so, and will be available to answer stockholders questions.
The audit fees for professional audit services provided by Pustorino, Puglisi & Co., LLP, for the audit of the Companys annual financial statements for each of the years ended December 31, 2010, and December 31, 2009, were $295,517 and $337,000. No fees were billed, or paid by the Company for internal audit, tax or other services for the years ended December 31, 2010, or 2009.
Pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended, stockholders may present proper proposals for inclusion in the Companys proxy statement and form of proxy and for consideration at its annual meeting of stockholders by submitting their proposals to the Company in a timely manner. In order to be so included for the 2012 annual meeting, stockholder proposals must be received by the Company at its principal executive offices, One Landmark Square, 11th Floor, Stamford, Connecticut 06901, no later than December 22, 2011, and must otherwise comply with the requirements of Rule 14a-8.
Stockholder proposals to be brought before the 2012 annual meeting, made outside the Rule 14a-8 processes, must be submitted to the Company pursuant to Rule 14a-8, no later than March 7, 2012, or will be considered untimely and entitle the Company to discretionary voting under Rule 14a-4.
ANNUAL REPORT AND FINANCIAL STATEMENTS
The Annual Report of the Company for its fiscal year ended December 31, 2010, accompanies this Proxy Statement. The audited financial statements of the Company are included in such Annual Report.
It is important that proxies be returned promptly. Stockholders are requested to date, sign and return the enclosed proxy in the enclosed envelope, to which no postage need be affixed if mailed in the United States. If you attend the 2011 Annual Meeting, you may revoke your proxy and vote in person if you so desire, otherwise your proxy will be voted for you.
CHARTER AND POWERS OF THE AUDIT COMMITTEE
RESOLVED, that the charter and powers of the Audit Committee of the Board of Directors (the Audit Committee) shall be:
RESOLVED, that the Audit Committee shall have the following specific powers and duties:
COMPENSATION COMMITTEE CHARTER
The Compensation Committee is appointed by the Board of Directors to discharge the Boards responsibilities relating to compensation of the Companys directors and officers. The Committee has overall responsibility for approving and evaluating the director and officer compensation plans, policies and programs of the Company. The Compensation Committee is also responsible for producing an annual report on executive compensation for inclusion in the Companys proxy statement.
The Compensation Committee shall consist of no fewer than three members. The members of the Compensation Committee: will meet the requirements that he/she is a non-employee director for purposes of Rule 16b-3 under the Securities Exchange Act of 1934, as amended; will satisfy the requirements of an outside director for purposes of Section 162(m) of the Internal Revenue Code; will meet the independence requirements of the applicable regulatory standards; will be appointed by the Board; and may be replaced by the Board.
The Compensation Committee shall have the sole authority to retain and terminate any compensation consultant to be used to assist in the evaluation of director, CEO or senior executive compensation and shall have sole authority to approve the consultants fees and other retention terms. The Compensation Committee shall also have authority to obtain advice and assistance from internal or external legal, accounting or other advisors.
The Compensation Committee shall annually review and approve corporate goals and objectives relevant to CEO compensation, evaluate the CEOs performance in light of those goals and objectives, and recommend to the Board the CEOs compensation levels based on this evaluation.
The Compensation Committee shall annually review and make recommendations to the Board with respect to the compensation of all directors, officers and other key executives, including incentive-compensation plans and equity-based plans.
The Compensation Committee shall annually review and approve, for the CEO and the senior executives of the Company, (a) the annual base salary level, (b) the annual incentive opportunity level, (c) the long-term incentive opportunity level, (d) employment agreements, severance arrangements, and change in control agreements/provisions, in each case as, when and if appropriate, and (e) any special or supplemental benefits.
The Compensation Committee may form and delegate authority to subcommittees when appropriate.
The Compensation Committee shall make regular reports to the Board, review and reassess the adequacy of this Charter annually and recommend any proposed changes to the Board for approval and annually review its own performance.
Annual Meeting Proxy Card
NOTE: Please sign your name(s) EXACTLY as your name(s) appear(s) on this proxy. All joint holders must sign. When signing as attorney, trustee, executor, administrator, guardian or corporate officer, please provide your FULL title.
q PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. q